Fortnite fans take note. Sony has made a ground-breaking patent application to make non-fungible tokens (NFTs) transferable between games and consoles. Shoosmiths partners Prakash Kerai and Joe Stephenson explore this move by Sony and explain why it is potentially revolutionary for the gaming industry, in this week’s NLJ.
Kerai and Stephenson write: ‘Sony seems to have identified opportunities to harness the power of metaverse and Web3 technologies to embark towards a new world of interoperability as it develops its vision for the future of gaming. Yet, the use of NFTs within the gaming industries will not come without challenges, and Sony and others should be alert to the legal considerations which surround NFTs.’
Legal hurdles include anti-money laundering regulations, financial regulation, data protection, and intellectual property rights.
Whatever the future holds for the gaming industry, it’s a fascinating area for lawyers—read more here.
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